Vote on sale of Golden State Warriors expected at October meeting

NBA owners are expected to vote on the sale of the Golden State Warriors by the end of October. A vote to approve the deal would finalize the $450 million price, which would stand as a record for an NBA franchise.

The Warriors’ sale, to a group led by venture capitalist Joseph Lacob and including Mandalay Entertainment Group Chief Executive Officer Peter Guber, was announced in July, with no timetable given for NBA ownership approval. But a source familiar with the deal said Lacob and his group should have financing completed by October, clearing the way for a vote by the NBA board of governors at meetings set for Oct. 20-21 in New York City. At least three-fourths of the NBA’s 30 owners must approve the deal

The group led by Lacob, managing partner for the venture capital firm of Kleiner Perkins Caufield & Byers, outbid three other suitors for the team. The sale is structured to include $300 million in equity put up by the partnership, with $150 million in debt assumed by the new owners, according to a source.

Sal Galatioto, whose Galatioto Sports Partners represented outgoing Warriors owner Chris Cohan in the sale, refused to comment on the deal. Cohan paid $115 million for the Warriors in 1995.

The $450 million sale would far eclipse the NBA franchise sales record of $401 million paid by Robert Sarver for the Phoenix Suns in 2004.

Lacob, who owns a minority stake in the Boston Celtics, must either sell that stake or put his interest in escrow, in order to win NBA approval.